DIY investment app Sqrrl raises $1 million

Fintech startup Sqrrl which runs a DIY investment app, has raised $1million from Equanimity Venture Fund. The startup was earlier incubated by JioGenNext, a startup accelerator program run by Reliance Jio and Microsoft Ventures.

The one-year old Gurgaon-based startup allows users to invest in high performing (zero-commission) mutual funds based on their investment needs, risk horizons & goals. Currently, the app is available in 9 Indian languages.

Also Read: How this app Sqrrl guides millenials to save money

With the capital boost, the company looks to invest in new age technologies, particularly machine learning and artificial intelligence, to sharpen its product recommendation and further smoothen its on-boarding process.

Commenting on the funding round, co-founder Sanjeev Sharma in a statement said,“Targeting the rapidly growing segment of 300 million smartphone users, Sqrrl seeks to use the growth capital to reach out to a million users across India by 2019.”

Also, Sqrrl allows its users set up a habit of rounding up every spend to the next Rs.100 or Rs.500. The platform tracks every transaction that the user is making through net banking, debit or credit card, wallet and automatically creates a transaction either on daily or weekly basis as defined by the user in the underlying Liquid Fund scheme.

However, before onboarding a user, the app runs a background check like bank details and others. After taking consent from the user, the app then starts monitoring. The app which currently has around 1,50,000 users, sees major traction from the age group of 27 to 32.